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Top Proof Of Stake Networks and Staking Coin List
Proof of stake consensus algorithm was launched as an alternative to the proof of work algorithm and since its discovery in 2012, it has been used by a number of crypto platforms seeking to become more scalable than the Bitcoin network. With one of the main objectives of the proof of work model, allowing for a decentralized network to confirm transaction instead of a third party, the proof of stake model achieves this in a different manner. Before we dive into some of the top proof of stake cryptocurrency networks right now, it is best that we get an idea of what proof of stake is. What Is Proof Of Stake? Proof of Stake otherwise referred to as PoS is a consensus algorithm that makes use of the coin staking format. To explain better, for users on the network to be able to mine, they need to be able to stake a certain amount of coin on the network if they are to start mining. In addition to staking a certain amount, these individuals will only mine the total amount of coins that have been staked on the network. This simply means that if a manages to stake or lock up a huge amount of coins, let’s say about 10% of the total coins on the network, they will be able to validate about 10% of the total transactions that are carried out on the network. So if a network processes about 10,000 transactions each day, these miners will validate and receive rewards for validating 10% of the total blocks. Aside from the rewards they stand to gain, these miners are also paid transaction fees of users on the network each time they validate a transaction. There are a couple of benefits that come from making use of PoS based blockchain networks and they include;
They are less expensive; unlike the PoW mechanism that requires users to invest their hard-earned funds in the purchase of expensive hardware or mining rigs, these PoS networks do not require you to pay for mining rigs. All you have to do is buy or own a certain amount of coin on the network and you can begin validating transactions and earning rewards.
It is eco-friendly; unlike PoW based networks, PoS networks offer users guaranteed returns. The value of these PoS based coins does not fall like the PoW based coins unless there is a slight change in the market.
On this network, stakers can decide to delegate their responsibilities to third-party agents to help them carry out.
Top Proof Of Stake Networks And Staking Coins 1. Dash (DASH) Otherwise referred to as “Digital Cash”, DASH happens to be one of the very advanced crypto networks to adopt the PoS algorithm. DASH simply acts like liquid cash or P2P platform that is used to make payments for goods and services that are purchased daily. Currently, in most countries, DASH has been integrated as a means of payment for goods and services bought daily. In the last couple of years, DASH has implemented the InstantSend and PrivateSend features which will facilitate a fast and secure transaction for all on the network. Holders of the DASH coin can run master nodes on the network or receive rewards in DASH coins. On the DASH network, users will have to stake about 1000 DASH coins when the price of one (1) DASH is equal to $300. While this network was built on Bitcoin’s main core it happens to focus on the privacy and quick transfer of funds aspect. Early adopters of DASH that have a large number of DASH coins in their possession will do well to become master nodes on the network. Individuals with about $300,000 worth of DASH coins will make approximately 7.5% annual profit from becoming master nodes on the network. Those seeking to stake DASH coins will do well to ensure that they have the DASH staking wallets in their possession. 2. NEO (NEO) Previously referred to as Antshares, NEO happens to be the first Chinese open-source blockchain project in existence. The developers of this network have referred to it as the distributed network for the smart economy. Being a PoS powered network, users on the NEO blockchain can stake their coins if they want to become miners on the network. Aside from the fact that there is a crypto platform, NEO has a token which is referred to as GAS which can be staked on any of the NEO staking wallets available. Unlike some of the other PoS based crypto networks, NEO does not require users to keep their staking wallets open. Stakers on the NEO network can expect a 4.5% annual profit when they stake on this network. There are a couple of benefits that are associated with making use of this PoS based network and they include; it is a smart network that affords you the opportunity to send and receive coins in less than no time. The certificates, as well as the identities, are digital. Also, there is a wide range of decentralized applications (DApps). 3. Vechain (VET) This happens to be another top PoS based network and since its launch has been able to gather attention from members of the crypto community. This network has been said to be similar to the NEO network and it offers users the opportunity to carry out fast transactions at a reduced cost. Unlike some of the other PoS based networks, Vechain focus primarily on the supply chain industry. It has allied with the Amazon web service and Walmart China. When you stake VET on the Vechain network, you are given VTHO for staking VET coins on the network. It is used in transactions and it has a return of investment of about 2% or more. Users on the network get extra with the nodes and it is easy to make use of. One of the main benefits of this network is that it is incredibly easy to make use of and it has a long-range of partnerships. In addition to this, it has a fair ROI rate as well as other amazing bonuses that users will have to enjoy as well. As always, the team here at Affil Coin is happy to help where we can. So, if you ever have any questions, stop by the AffilCoin Telegram chat and talk to a member of our team! Furthermore, if you want to learn more about Delegated Proof of Stake, click here and visit the AffilCoin site!
CryptoDiffer teamHello, everyone!We are glad to meet here:Max Freeman (@maxfreeman4), Project Lead at Epic CashYoga Dude (@Yogadude), PR&Marketing at Epic CashXenolink (@Xenolink), Advisor at Epic Cash Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here! Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here! Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us! CryptoDiffer teamLet`s start from the first introduction question:Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash? Yoga Dude PR&Marketing at Epic Cash Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing. I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially. Xenolink Advisor at Epic Cash Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers! Max Freeman Project Lead at Epic Cash I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level. CryptoDiffer team Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:) Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one? Max Freeman Project Lead at Epic Cash I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly. There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos that explain why we believe we have created something truly special here. Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange. Yoga Dude PR&Marketing at Epic Cash Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility. Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved. Xenolink Advisor at Epic Cash To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry. To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone. CryptoDiffer team Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months? Yoga Dude PR&Marketing at Epic Cash Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content. We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money. You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages Max Freeman Project Lead at Epic Cash Our future development roadmap will be published soon and includes 4 tracks: Usability Mining Core Protocol Ecosystem Development Core Protocol Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020 Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020 Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a Usability GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020 Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020 Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a Mining RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin. Ecosystem Development Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a Xenolink Advisor at Epic Cash From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide. CryptoDiffer team Great, thank you for your answers, we now can move to community questions part! Cryptodiffer Community You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC? Max Freeman Project Lead at Epic Cash The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part. Cryptodiffer Community To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from? Xenolink Advisor at Epic Cash Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project. Cryptodiffer Community Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you! Yoga Dude PR&Marketing at Epic Cash First, I must admit that I am still a huge fan and HODLer of Monero. That said: ✅ our blockchain is MUCH lighter than Monero’s ✅ our transaction processing speed is much faster ✅ our address-less blockchain is more private ✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU Cryptodiffer Community
the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community $EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future? Who is Epic Biggest competitors? And what’s makes epic better than competitors? Xenolink Advisor at Epic Cash We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity. Cryptodiffer Community What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Yoga Dude PR&Marketing at Epic Cash Since we are a community project, we have many developers, in addition to the core team. Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks. We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked. Cryptodiffer Community EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges? Xenolink Advisor at Epic Cash In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Max Freeman Project Lead at Epic Cash Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic. With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash. As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability Cryptodiffer Community Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ? Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors? Max Freeman Project Lead at Epic Cash RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware. Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses. Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware. The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved. Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem? Xenolink Advisor at Epic Cash Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic. Cryptodiffer Community I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto? What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ? Yoga Dude Pr&Marketing at Epic Cash Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential. The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers. The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique Cryptodiffer Community Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI? Yoga Dude PR&Marketing at Epic Cash We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on. Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way. Cryptodiffer Community If you could choose one celebrity to promote Epic-cash, who that would be? Max Freeman Project Lead at Epic Cash I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences. I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today. Epic Cash will have its OWN Celebrities Cryptodiffer Community How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it? Xenolink Advisor at Epic Cash Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin. Cryptodiffer Community what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ? Max Freeman Project Lead at Epic Cash There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make. Cryptodiffer Community Q1 : What are your major goals to archive in the next 3–4 years? Q2 : What are your plans to expand and gain more adoption? Yoga Dude Pr&Marketing at Epic Cash Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁 We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting. Cryptodiffer Community It seems to me that EpicCash will have its first Halving, right? Why a halving so soon? Is a mobile version feasible? Max Freeman Project Lead at Epic Cash Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140. Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining. Cryptodiffer Community What markets will you add after that? Yoga Dude PR&Marketing at Epic Cash Well, we are aiming to have ALL markets Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry) We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages. Epic Cash is More than Money and its for Everyone. Cryptodiffer Community Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins? Max Freeman Project Lead at Epic Cash With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can. Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Xenolink Advisor at Epic Cash Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash. Cryptodiffer Community
You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well. Cryptodiffer Community Do EPICs in 2020 focus more on research and coding, or on sales and implementation? Yoga Dude PR&Marketing at Epic Cash We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy. In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC. Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters. Everyone with skin in the game gets the benefit of advancing the cause. Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content — https://www.youtube.com/watch?v=XtAVEqKGgqY a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this Cryptodiffer Community I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex? Let’s talk about the economic model, can EpicCash comply with the concept of value reserve? Max Freeman Project Lead at Epic Cash In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader. We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166 Max Freeman Project Lead at Epic Cash Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project. Xenolink Advisor at Epic Cash Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash . Yoga Dude Pr&Marketing at Epic Cash Thank you, CryptoDiffer Team, and this wonderful Community!!! Cryptodiffer TEAM Thank you everyone for taking your time and asking great questions Thank you for your time, it was an insightful session Spread the love
I earned about 4000% more btc with my android tablet than with a $250 ASIC mini rig setup using GekkoScience Newpac USB miners!
Requirements: 1.) Android Device with access to Google Play Store. *I haven't tried yet but you may be able to use tis on Android TV devces as well by sideloading. If anyone has success before I try, let me know! -Note, I did this with a Samsung Galaxy Tab S6 so its a newer more powerful device. If your android is older, your profts will most likely be less than what I earned but to give a projected range I also tested on my Raspberry Pi 4 running a custom LineageOS rom that doesn't allow the OS to make full use of the Pi's specs and I still got 500 h/s on that with Cloud boost, so about 60% of what my Tab 6 with MUCH Higher Specs does. **Hey guys. Before I get started i just wanted to be clear about one thing. Yes I have seen those scammy posts sharing "miracle" boosts and fixes. I have a hard time believing stuff online anymore. But this is honestly real. Ill attach photos and explain the whole story and process below. Thanks for taking the time to read and feel free to share any thoughts, concerns, tips, etc* So last week I finally got started with my first mini rig type mining build. I started getting into crypto about a year ago and it has taken me a long time to even grasp half of the projects out there but its been fun thus far! Anyways my rig was 2 GekkoScience Newpac USB miners, a Moonlander USB miner to pair with an FPGA i already had mining, a 10 port 60W 3.0 USB hub and 2 usb fans. The Newpacs actually are hashing at a combined 280 g/s which is actually better than their reported max hash rate when overclocked. Pleasant surpise and they are simple!! I just wanted to get a moonlander because my fpga already mines on Odocrypt for DGB and I just wanted to experience Scrypt mining and help build the DGB project. The Newpacs are mining BTC though. After I got everything up and running i checked my payout daily average after 1 week. I averaged .01 a day TOTAL between all three miners with them all perforing ABOVE SPEC!!! I had done research so i knew I wouldnt earn much. More than anything i just wanted to learn. But still. I was kinda surprised in a negative way. Yesterday I actually earned less than .01 Frustrated I went back to scouring the web for new ideas. About a year ago, when II was starting, I saw an app on my iphone called CryptoBrowser that claimed to mine btc on your phone without actually using phone resources using a method of cloud mining. I tried it for a week and quit because I earned like .03 after a ton of use and seemed scammy. Plus my iphone actually would get very hot when doing this so I quit using it as it seemed like a possible scam with all the cryptonight browser mining hacks and malware out there. Anyways I was on my Galaxy Tab S6 and saw that CryptoBrowser released a "PRO" edition for 3.99 on Google Play. I bought it for Sh*ts and giggles and booted it up. It came with what they called "Cloud Boost" Essentially this is a button you press and it multiplys the estimated hashrate that it gives you device by the number shown on the boost button. (With the purchase of PRO you get one free x10 boost. You can purchase additional boosts to use with other android devices but those are actually pretty pricy. Another x10 boost was like $25 if i remember correctly). I played with it for about an hour to see if it actually worked like it said it would this time. To my surprise, as i was browsing, my device didnt increase in temperature AT ALL!!!!! I checked my tast manager to confirm and it was indeed true, my memory and usage barely went up. it was giving me an estimated range of 80-105 on the hashrate. Once i pushed the x10 boost button, that went to 800-1150 h/s. I switched my screen to not go to sleep, plugged it to the charge and let it run on the browser page, hashing. When you push the boost button, it runs for 3 hours at the boosted speeds. After that it goes back to normal but if you press the button again, it boosts everything again. There is no limit to how many times you use it. After checking what I earned after 24 hours, I HAD MADE .40 in BTC!!!!! I JUST EARNED OVER 4000% MORE THAN MY $280 MINING RIG EARNED ME!!!! I was blown away. Maybe this was a fluke? I did it again next day. Every 3 hours or so I would push the button again but thats all. Sure enough, .35 that day. Also, it realy BTC. I requested a payout and although it took like 12 hours for them to send me an email stating they had just sent it, I actually did recieve the state amount of BTC within 24 hours in my personal wallet. The fees to send are SUPER LOW!. Like .01 Below I will list the steps I took, along with an explanation of thier "Mining" process on Androids. Reminder, this ONLY WORKS ON ANDROIDS. Also DO NOT use cryptobrowser on a physcal laptop or desktop. I ran it on an old laptop for three days last year and it fried it. It does actually use your hardware on those platforms to mine and it is not efficnet at all as I suspect they prob steal over half of your power for themselves using the REAL RandomX protocol via browser mining which is EXTREMELY INEFFICIENT DONT TRY IT!! -----How To Do This Yourself: Cryptotab Browser states the program works on Android devices by estimating what it thinks the hashrate would be for your device specs and siimulates what you would mine in a remote server however you still earn that estimated coin amount. It is not a SHA-256 process or coin that they say is mining, rather it is XMR and they swap that and pay it out to you in BTC Bitcoin. However I know damn well my Tab S6 doesnt hash 80-105 h/s on RandomX because I have done it with a moodified XMRig module i ported to Android. I got 5 h/s a sec if I was getting any hashes at all. But thats besides the point as I still was making money. Now, when you press that cloud boost button it immediately boosts that hash rate it estimates by the number on the cloud boost. As stated above, you can purchase more boosts and gift them or use them on extra android devices that you may have. Again, they are pricey so I'm not doing that plus it would just mean that I have another device that I have to leave on and open. The boosts come in x2, x4, x6, x8 and x10 variants. Again, they have unlimited uses. Here is the link to grab yourself CryptoBrowser Pro from CryptoTab. This IS A REFERRAL LINK! This is where I benefit from doing tis tutorial. Like i said, I want to be transparent as this is not a scam but I'm also not doing this out of the love of my heart. Their referral system works in that people that use the donwload the app using your link are your stage 1 referrals. Anytime they are mining, you earn a 15% bonus. So say they mine $.30 one day. You would get paid out an additional $.045 in your own balance (it does not come out of the referred user balance fyi so no worries). Then lets say that referred miner also gets their own referrals. I would get a 10% bonus on whatever THOSE people mine. This goes on and on for like 8 tiers. Each tier the bonus percntage essential halves. So again, I stand to benefit from this but it also is stupid to not make this visible as its WAY CHEAPER, EASIER AND MORE PROFITABLE TO GET BTC USING THIS METHOD THAN IT IS USING ASICS!! THIS EARNS ALMOST AS MUCH BTC AS AN ANTMINER S7 DOES RUNNING 24/7 ONLY WITHOUT THE HUGE ELLECTRICTY BILL AND COSTS!!!!) Thats it. Again, if you have concerns, let me know or if you have suggestions, other tips, etc... mention those as well!!! https://cryptotabbrowser.com/8557319 Links to Picture Proof http://imgur.com/gallery/P13bEsB
RX5700 GPU mining rig vs ASIC miner A10 for Ethereum mining !?
https://preview.redd.it/9txedwr1wy251.jpg?width=1920&format=pjpg&auto=webp&s=e91116819600b605ffca6ce830fdd582d3965466 I want to clear out the air about Ethereum mining. The GPU mining vs Asic mining, is Ethereum now Asic mining Algorithm. Can RX5700 most efficient Graphic cards for ETH mining Compete with Asic miner A10. For the last day i have been working on some stats and ROI for 2 types of investment for 12xGPU RX5700 MineBox 12 mining rig and Innosilicon A10 ETH ASIC miner. My goal was to let the data speak about it self and then make a decision what is better investment for ethereum mining GPU or ASIC. Im compering 2 most efficient miners :
ASIC miner Innosilicon A10 , costs 3000usd(specs. 500mh/s at 860w)
Miner price is about the average would it cost to you 12xGPU mining rig might cost you 100-300 cheaper if you would build one yourself. Innosilicon A10 would cost you lot more if you would like to import it out of China. Price would be closer to 3500euro + you would need to buy power-supply for it. I have created google spreadsheet and inserted the GPU data and performance by the current currencies price and mining profitability. Included also my thoughts about advantages and disadvantages using GPU or Asic miner: https://preview.redd.it/mojtvv7yvy251.jpg?width=1234&format=pjpg&auto=webp&s=f3384599287ea15a4b6f92ffb973a4019330bdca Opinion based on mining profit data. We can see that MineBox 12 ROI if electric price is free or very cheap is faster then ASIC miner A10. And even at 0.10c a kw/h at current Ethereum price there is only 80day difference on Equipment payback time. But the biggest thing is for example when your miners are paid back your investment. You still are available to resell your MineBox 12 hardware for other use case or just mine different coins. Where with Innosilicon A10 you can throw it into bin as soon as ETHASH coins are not profitable to mine. This is the biggest downside of Asic miners. So to answer your question is ETH asic mining coin. My answer would be Yes ASIC miners are slightly more profitable , BUT they are not worth the risk you are getting by buying one. Also you can see clearly that GPU miners has lot more advantages then Asic miners. The difference on ETH miners are not so noticeable then like it was Bitcoin GPU vs ASIC mining. There is still profit to be made with GPUs mining ETH. If ETH switches to new POW ProgPOW , again another benefit for GPU rigs as the same GPUs are quite efficient mining ProgPow. Buying and Asic miner there is to much risk, saying from experience. Have lost a lot of money, my last adventure bought 5xAntminer S17 back in November and 4 of them hashing boards stopped working after 1st week. Not counting the previous purchases Antminer D3 etc.. Let me guys know what you think about this, would your rather use ASIC miner for mining ETH of GPU miner? video : https://www.youtube.com/watch?v=YgVl7pDkkwg&feature=youtu.be
What is EPIC CASH? Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money: 1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved; 2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services; 3. Unit of Account — the unit by which the value of a thing is accounted for and compared. Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list Oleg✌🏻 Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself? Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide. Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year. JLong I am John, Doing the general engineering and managerial work Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years. Oleg✌🏻 nice to meet you🙂 Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September. Yoga Dude Great to meet everyone :) Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about? Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine. Oleg✌🏻 Look like a real Bitcoin🙂 Yoga Dude with privacy and fungibility 😄 Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins? Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses. Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin? Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value. Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time. Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam? Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs. Yoga Dude Yes, all that ☝️😄 Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for? Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments. Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms? Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC. Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable. Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂 Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash? Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄 Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team. Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto? Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals. Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet. Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward? Yoga Dude First and foremost, we are focused on security and usability. We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it. We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability. And of course we are constantly looking to add more exchanges both with and without KYC. Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be? Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life. Yoga Dude The idea is to be able to access Epic Cash from any platform and device Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate. Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash? Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊 Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world! Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer. AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ? Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins. Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet. Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency. Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible. Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much? Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction. Joxes It is a pleasure. When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far? We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term? Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it. S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash? Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50 Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home? Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS. Does your GREAT PROJECT have plan about TOKEN BURN? Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place. Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more? Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔 kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain? Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have. Dr Mönica Hello sir @maxfreeman4@Johnsstec@Yogadude Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm??? Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action. Oleg✌🏻Perfect!It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
While there are a number of consensus algorithms that most functional cryptocurrency platforms have adopted over the years, a couple of these algorithms have become more popular than the others. While the proof of work (PoW) algorithm has been identified to be the very first consensus mechanism integrated into a crypto platform, the proof of stake (PoS) and the delegated proof of stake (DPoS) are two other mechanisms that have been designed as an alternative to PoW. The first move advantage PoW had in the market has not withstood criticism and adjustments to optimize the protocol. Generally, the PoW system requires users to make use of advanced mining rigs and hardware which will require large computational power. The PoS and the DPoS algorithms unlike PoW requires fewer resources and by design happens to be more eco-friendly and sustainable. For us to get an idea of how the delegated proof of stake works, it is only right that we have a knowledge of what the PoW and the PoS consensus mechanisms are and how they function. Proof Of Work This is the first consensus algorithm to be integrated into a blockchain network. It was used as a way to ensure that the majority of the users on the Bitcoin network did not take total control of the network. It was used on the Bitcoin network to validate transactions and for users to validate these transactions, they have to make use of advanced and expensive hardware mining rigs. With the high expenses associated with the PoW mining model, many people are restricted from entering the mining pools with any form of efficiency. Thus, power can become concentrated on a PoW network, one of the main concerns for users of the original networks operating with PoW. This consensus algorithm will require users to solve complex mathematical problems if they are to compete and validate transactions on the network. These mathematical puzzles have been made to be as difficult as possible. This is to ensure that miners do not easily find these blocks. Proof Of Stake This consensus algorithm was designed to be an alternative to proof of work and the restrictions the PoW model put on user’s ability to be miners. Proof of Stake was discovered in 2012 after most platform developers sought for alternative consensus algorithms that can be used. Unlike the PoW, the proof of stake algorithm requires that miners on the network stake or have their coins locked. To explain better, for miners who want to mine on the network, they will have to stake a certain amount of coins if they are to successfully mine. This simply means that if a miner owns about 5% of the total coins on a network, then that user would then have the right to mine 5% of all transactions that are carried out on the network. Thus, creating an incentive for users to hold coins instead of the incentive many miners had in the proof of work model to sell their coins to the market quickly after mining them or in more malicious cases, try to attack a weaker proof of work network with a 51% attack. Delegated Proof Of Stake The Delegated Proof of Stake (DPoS) algorithm was launched in 2014 by Daniel Larimer, a more renown developer within the world of cryptocurrency. He helped pioneer this new model of validation for blockchain technologies. Today, there are a number of crypto platforms that make use of this consensus algorithm and they include Steem, Ark, Bitshares, Lisk, and many other networks today. DPoS based blockchain networks work in a voting manner where stakeholders on the network will have to outsource their duties to third-parties. It can be said that these stakeholders are able to vote for a few people to help them manage the security of the network. On any of the DPoS based crypto networks, these individuals that are voted to maintain the security of the network for others are referred to as delegates, while those voted to validate transactions on these networks are called "witnesses". A closer look at this consensus algorithm will point to a resemblance to the PoS algorithms. For example, on any of the DPoS based algorithms, the vote count and worth of each of the users will be determined by the number of coins they have in their possession. While the voting system may vary from one blockchain network to another, one thing is certain - each of the delegates or individuals to be voted for will have to present to others on the network a proposal of what they will accomplish when voted in as either delegates or witnesses. Most of the time, the rewards that are gotten from the validation of blocks by these witnesses are shared proportionally with the various electors. This is just like the PoS except that there is no voting system and that each user will have to represent himself. DPoS based blockchain networks have their voting systems based on the reputation of the delegate in question. Unlike the traditional voting system, on these blockchain networks, if witnesses do not carry out their duty of validating blocks on the network, they will be expelled and immediately replaced by another. This helps to secure the network from malicious actors. Furthermore, these DPoS based networks adapt which makes them more scalable than the PoW and the PoS algorithms. This is because they elect a few people who do the job for the network. Characteristics Of The Delegated Proof Of Stake Algorithm While we have discussed what the DPoS consensus algorithm is, it is best that we discuss some of the features or characteristics that set it apart from both the PoS and the PoW. These underlying characteristics apply to the Delegated Proof of Stake algorithm as well. These characteristics include;
A Voting System - Unlike the other two consensus algorithms, the DPoS algorithm has a voting system. On these networks, users will have to vote for delegates or witnesses that will validate transactions on the network. The votes are weighted according to the number of coins that an individual on the network has. While users do not need to have so many coins to become delegates, they need to have voters that have more coins as their votes can help make them become top tier witnesses.
System Witnesses - These are those that are chosen by users on the network to validate transactions on their behalf. Depending on each of these networks, the number of witnesses may vary. While these witnesses can block transactions that are being sent, they cannot in any way alter or change the information on each of these transactions. This is because the blockchain technology is immutable.
NetworkDelegates - This happens to be another set of people on the DPoS based blockchain networks. They are voted by users on the network to help maintain the network. They are elected to oversee the overall performance as well as the entire blockchain protocol. These delegates can propose things on the network. For example, they can propose that the number of witnesses is reduced or increased and users on the network will have to vote either for or against the motion.
As always, the team here at Affil Coin is happy to help where we can. So, if you ever have any questions, stop by the Affil Coin Telegram chat and talk to a member of our team! Furthermore, if you want to learn more about Delegated Proof of Stake, click here and visit the Affil Coin site!
Bitcoin Overview Bitcoin is digital-currency, It is known as the cryptocurrency. Bitcoin is a widely used cryptocurrency. It is one of the most secure cryptocurrencies in the world. It doesn't govern by a central bank or any government. Here you don't need to pay high transaction fees while you are making a transaction over the bitcoin network. Here your privacy is also hidden. So no one knows who transferring fund to whom. This is the main reason why people start taking an interest in bitcoin. From the researcher, It is the future of the digital currency. What Is Bitcoin Mining? Why It Is Important? Bitcoin mining is the process done by miners from the world. Miners can participate in mining to secure the whole bitcoin network. Miners confirm the transaction over a bitcoin network called blockchain and regularly update to the bitcoin ledger called a blockchain. This process is done by powerful bitcoin mining hardware such as GPUs, AICS' chips, Mining Rigs, etc. Mining hardware help to solve a complex mathematical problem. If miners successfully solve the problem then they rewarded with newly generated bitcoins. The current reward is 12.5 BTC + Transaction fees. What Is Bitcoin Cloud Mining? List Of Best Free Cloud Mining Website If you don't want to invest in costly mining hardware then here is the solution. You can participate in the bitcoin mining cloud. Here mining hardware is maintained by mining companies. You just need to purchase hardware on lease or hashing power on rent. Then you participate in bitcoin mining using mining hardware & mining software. Rest of the things done by mining companies. If you are interested in bitcoin mining? I highly recommended to join Global Mining, It is one of the best bitcoin mining service provider. The regularly maintain hardware and also get 24/7 support from their efficient support team. This is one of the best free cloud mining company which provides everything in a transparent way. You bitcoin is 100% secure and it is a trustworthy bitcoin mining company. You can find more info about bitcoin or bitcoin mining from here Wikipedia, Bitcoin.it, Bitcoinwiki.org
Antminer T19 May Not Affect Bitcoin Hash Rate but Keeps Bitmain Ahead
The Antminer T19 by Bitmain may not have a big impact on the Bitcoin network, and it comes out amid the firm’s internal and post-halving uncertainty. Earlier this week, Chinese mining-hardware juggernaut Bitmain unveiled its new product, an application-specific integrated circuit called Antminer T19. The Bitcoin (BTC) mining unit is the latest to join the new generation of ASICs — state-of-the-art devices designed to mitigate increased mining difficulty by maximizing the terahashes-per-second output. The Antminer T19 announcement comes amid the post-halving uncertainty and follows the company’s recent problems with its S17 units. So, can this new machine help Bitmain to reinforce its somewhat hobbled position in the mining sector? T19: The cheaper S19 According to the official announcement, the Antminer T19 features a mining speed of 84 TH/s and a power efficiency of 37.5 joules per TH. The chips used in the new device are the same as those equipped in the Antminer S19 and S19 Pro, though it uses the new APW12 version of the power supply system that allows the device to start up faster. Bitmain usually markets its Antminer T devices as the most cost-effective ones, while the S-series models are presented as the top of the line in terms of productivity for their respective generation, Johnson Xu — the head of research and analytics at Tokensight — explained to Cointelegraph. According to data from F2Pool, one of the largest Bitcoin mining pools, Antminer T19s can generate $3.97 of profit each day, while Antminer S19s and Antminer S19 Pros can earn $4.86 and $6.24, respectively, based on an average electricity cost of $0.05 per kilowatt-hour. Antminer T19s, which consume 3,150 watts, are being sold for $1,749 per unit. Antminer S19 machines, on the other hand, cost $1,785 and consume 3,250 watts. Antminer S19 Pro devices, the most efficient of three, are considerably more expensive and go for $2,407. The reason Bitmain is producing another model for the 19 series is due to what is known as "binning" chips, Marc Fresa — the founder of mining firmware company Asic.to — explained to Cointelegraph: “When chips are designed they are meant to achieve specific performance levels. Chips that fail to hit their target numbers, such as not achieving the power standards or their thermal output, are often ‘Binned.’ Instead of throwing these chips in the garbage bin, these chips are resold into another unit with a lower performance level. In the case of Bitmain S19 chips that don’t make the cutoff are then sold in the T19 for cheaper since they do not perform as well as the counterpart.” The rollout of a new model “has nothing to do with the fact that machines are not selling well,” Fresa went on to argue, citing the post-halving uncertainty: “The biggest reason machines probably are not selling as well as manufacturers would like is because we are on a bit of a tipping point; The halving just happened, the price can go anyway and the difficulty is continuing to drop.” Product diversification is a common strategy for mining hardware producers, given that customers tend to aim for different specifications, Kristy-Leigh Minehan, a consultant and the former chief technology officer of Genesis Mining, told Cointelegraph: “ASICs don’t really allow for one model as consumers expect a certain performance level from a machine, and unfortunately silicon is not a perfect process — many times you’ll get a batch that performs better or worse than projected due to the nature of the materials. Thus, you end up with 5–10 different model numbers.” It is not yet clear how efficient the 19-series devices are because they have not shipped at scale, as Leo Zhang, the founder of Anicca Research, summed up in a conversation with Cointelegraph. The first batch of S19 units reportedly shipped out around May 12, while the T19 shipments will start between June 21 and June 30. It is also worth noting that, at this time, Bitmain only sells up to two T19 miners per user “to prevent hoarding.” Hardware problems and competitors The latest generation of Bitmain ASICs follows the release of the S17 units, which have received mostly mixed-to-negative reviews in the community. In early May, Arseniy Grusha, the co-founder of crypto consulting and mining firm Wattum, created a Telegram group for consumers unsatisfied with the S17 units they purchased from Bitmain. As Grusha explained to Cointelegraph at the time, out of the 420 Antminer S17+ devices his company bought, roughly 30%, or around 130 machines, turned out to be bad units. Similarly, Samson Mow, the chief strategy officer of blockchain infrastructure firm Blockstream, tweeted earlier in April that Bitmain customers have a 20%–30% failure rate with Antminer S17 and T17 units. “The Antminer 17 series is generally considered not great,” added Zhang. He additionally noted that Chinese hardware company and competitor Micro BT has been stepping on Bitmain’s toes lately with the release of its highly productive M30 series, which prompted Bitmain to step up its efforts: “Whatsminer gained significant market share in the past two years. According to their COO, in 2019 MicroBT sold ~35% of the network hashrate. Needless to say Bitmain is under a lot of pressure both from competitors and internal politics. They have been working on the 19 series for a while. The specs and price look very attractive.” Minehan confirmed that MicroBT has been gaining traction on the market, but refrained from saying that Bitmain is losing market share as a result: “I think MicroBT is offering option and bringing in new participants, and giving farms a choice. Most farms will have both Bitmain and MicroBT side by side, rather than exclusively host one manufacturer.” “I would say that MicroBT has taken up the existing market share that Canaan has left,” she added, referring to another China-based mining player that recently reported a net loss of $5.6 million in the first quarter of 2020 and cut the price of its mining hardware by up to 50%. Indeed, some large-scale operations seem to be diversifying their equipment with MicroBT units. Earlier this week, United States mining firm Marathon Patent Group announced that it had installed 700 Whatsminer M30S+ ASICs produced by MicroBT. However, it is also reportedly waiting for a delivery of 1,160 Antminer S19 Pro units produced by Bitmain, meaning that it also remains loyal to the current market leader. Will the hash rate be affected? Bitcoin’s hash rate plummeted 30% soon after the halving occurred as much of the older generation equipment became unprofitable due to the increased mining difficulty. That spurred miners to reshuffle, upgrading their current rigs and selling older machines to places where electricity is cheaper — meaning that some of them had to temporarily unplug. The situation has stabilized since, with the hash rate fluctuating around 100 TH/s for the past few days. Some experts attribute that to the start of the wet season in Sichuan, a southwest Chinese province where miners take advantage of low hydroelectricity prices between May and October. The arrival of the new generation of ASICs is expected to drive the hash rate even higher, at least once upgraded units become widely available. So, will the newly revealed T19 model make any impact on the state of the network? Experts agree that it won’t affect the hash rate to a major degree, as it’s a lower output model compared with the S19 series and MicroBT’s M30 series. Minehan said she doesn’t expect the T19 model “to have a huge impact that’s an immediate cause of concern,” as “most likely this is a run of <3500 units of a particular bin quality.” Similarly, Mark D’Aria, the CEO of crypto consulting firm Bitpro, told Cointelegraph: “There isn’t a strong reason to expect the new model to significantly affect the hashrate. It might be a slightly more compelling option to a miner with extraordinarily inexpensive electricity, but otherwise they likely would have just purchased an S19 instead.” Bitmain continues to hold leadership despite internal struggle At the end of the day, manufacturers are always in an arms race, and mining machines are simply commodity products, Zhang argued in a conversation with Cointelegraph: “Besides price, performance, and failure rate, there are not many factors that can help a manufacturer differentiate from the others. The relentless competition led to where we are today.” According to Zhang, as the iteration rate naturally slows down in the future, there will be more facilities using “creative thermal design such as immersion cooling,” hoping to maximize the mining efficiency beyond just using most powerful machines. As for now, Bitmain remains the leader of the mining race, despite having to deal with the largely defunct 17 series and an intensifying power struggle between its two co-founders, Jihan Wu and Micree Zhan, which recently resulted in reports of a street brawl. “Due to its recent internal issues, Bitmain is facing challenges to keep its strong position in the future thus they started to look at other things to expand its industry influences,” Xu told Cointelegraph. He added that Bitmain “will still dominate the industry position in the near future due to its network effect,” although its current problems might allow competitors such as MicroBT to catch up. Earlier this week, the power struggle inside Bitmain intensified even further as Micree Zhan, an ousted executive of the mining titan, reportedly led a group of private guards to overtake the company’s office in Beijing. Meanwhile, Bitmain continues to expand its operations. Last week, the mining company revealed it was extending its “Ant Training Academy” certification program to North America, with the first courses set to launch in the fall. As such, Bitmain seems to be doubling down on the U.S.-based mining sector, which has been growing recently. The Beijing-based company already operates what it classifies as “the world’s largest” mining facility in Rockdale, Texas, which has a planned capacity of 50 megawatts that can later be expanded to 300 megawatts.
To put it into very simple terms, crypto mining is a process in which a machine performs certain tasks to obtain a little bit of cryptocurrency. This is the biggest TL;DR possible, so let’s branch out a bit, shall we? Imagine that you have a machine that mines crypto coins. We’ll talk about the specific types of machines later on in the tutorial, but for example’s sake, let’s just say that it’s your own, personal computer and you’re trying to figure out how to mine cryptocurrency. That is a very short and simple way of defining what is cryptocurrency mining. Now let’s move on to what you came here to see; how to mine cryptocurrency.
There are a few ways you could go about cryptocurrency mining. I’ll cover the main ones here, and start from the easiest one – cloud mining.
Method #1 – Cloud Mining
If you’re looking for crypto mining ways, cloud mining is probably the most popular way to mine cryptocurrencies without having to lift a finger. Cloud mining is a process where you pay someone (most often it’s a big corporation) a specific amount of money and “rent out” their mining machine called a “rig”, and the process of mining itself. This rent lasts for an agreed-upon period, through which all of the earnings that the rig makes (minus the electricity and maintenance costs) are transferred to your cryptocurrency wallet. The people (companies) that offer these cloud mining services usually have huge mining facilities with multiple farms (tens or hundreds of rigs stacked and operating together) at their disposal and know perfectly well how to mine cryptocurrency. Cloud mining has become so popular mainly because it offers the possibility to participate in the world of cryptocurrencies for people who might not have enough money to buy their rigs or who perhaps simply aren’t interested in owning a rig. There are two options of cloud mining – free and paid. Naturally, a lot of people that are looking for ways to mine cryptocurrency would gravitate towards the “free” options, but it does have its drawbacks (very slow mining speeds, extra conditions, etc.). Paid cloud mining usually works like this: It is usually expected that you’ll break even at around the half-a-year – one year mark, and then profit from that point onwards. No one can know for sure, though, because the prices of cryptocurrencies are very volatile and their prices tend to sway by quite a bit.
Method #2 – CPU Mining
CPU mining utilizes processors to mine cryptocurrencies. It used to be a viable option back in the day, but currently, fewer and fewer people choose this method of mining cryptocurrency daily. There are a couple of reasons why that is. First of all, CPU mining is EXTREMELY slow. You could go on for months without noticing the smallest amount of revenue. It’s also usually not worth it – you make very little amounts of money, but you probably spend ten times that amount on electricity and cooling. The problem mitigates itself by a bit if you can find a place that has nice cooling and cheap electricity bills, but that’s rarely the case. So why do people still even use CPU mining, then? Well, basically because anyone with a desktop computer could do it. All you need to be able to mine using the CPU method is just a computer and a couple of programs. It is possible to do it with a laptop, but it is VERY STRONGLY NOT ADVISED. Your laptop will probably fry and overheat in a matter of a couple of hours. The fact that it’s so easy to start cryptocurrency mining attracts new CPU miners every day. Some people that are looking for how to mine cryptocurrency don’t care about the details – they just want to start the process as soon as possible, and in any way possible.
Method #3 – GPU Mining
GPU mining is probably the most popular and well-known method of mining cryptocurrencies. If you google “cryptocurrency mining”, GPU rigs are going to be some of the first things that you’ll see. Cloud miners, for example, use GPU rigs for their services. And these guys are professionals that sometimes have hundreds if not thousands of rigs, so they probably know what they’re doing, right? GPU mining is very popular because it’s both efficient and relatively cheap. Don’t get me wrong, the construction of the rig itself tends to be costly – but when it comes to its hash speed and the general workforce, the GPU mining rig is great. GPU rigs utilize graphics cards to mine cryptocurrencies. One standard rig is made out of a processor, a motherboard, cooling, rig frame and – of course – a few (2 – 8) graphics cards.A typical price for a well-performing and nicely built GPU mining rig aims to be around the $3000 price range. It is a hefty investment but will pay off much faster than, let’s say, a CPU miner. People looking for ways to mine cryptocurrency should check them out.
Method #4 – ASIC Mining
ASICs (Application-Specific Integrated Circuits) are special devices that are designed explicitly to perform a single task, which in this case is crypto mining. ASICs are very well known and treasured because they produce insane amounts of cryptocurrency when compared to its competitors’ GPU and CPU. But if they are so good, why didn’t I mention them sooner? Well, mostly because they’re a big subject of controversy. You see, when the ASIC company announced its new version of the machine, the announcement caused an uproar in the cryptocurrency community. Many people have called for an outright ban on these machines. Why? Because ASICS are so powerful, they rob other miners who are using GPU or CPU rigs of the possibility to keep up both in hash speeds and in earnings. Also, ASICS have twisted the economy of certain specific cryptocurrencies – imagine if the majority of earnings would go to one miner with an ASIC farm, what kind of chaos that would ensue.
The Best Method to Mine Cryptocurrency
Now that you have an understanding of how to mine cryptocurrency and about all of the different ways to do it, which one is the best way? The method that suits you the most depends solemnly on a few key details: are you willing to spend some initial money? If so, how much? Do you want to OWN a rig? Do you even want to do it with a rig?
Which Cryptocurrency to Mine?
Your choice of gear should also depend on the type of cryptocurrency mining that you’ve decided to do. Some of the obvious favorites would be Bitcoin, Ethereum or Dash. Keep in mind, though, that Bitcoin mining is probably the trickiest of them all – since the coin is so popular, there are many miners around the world tuning into the few pools that there are and trying to snatch at least a small bit of Bitcoin. This might result in you waiting for countless hours until the first drops of Bitcoin start coming in. Keeping that in mind, your best bet would probably be to stick with Ethereum or some other less-popular cryptocurrency. Depending on your method of choice, check out the prices, calculate when your return on investment would happen, do some math and you’ll figure it out in no time!
As you’ve probably noticed, there are many different ways on how to mine cryptocurrency. These are simply the main methods – if you’d like, you could even forget about mining and jump into Bitcoin faucets – but that’s a whole different story for a whole different day. But it’s an option! One thing that you should not only remember, but also do right away is to create a cryptocurrency wallet. Decide on the type of cryptocurrency that you want to mine and simply look up the wallet options for that currency. You’ll have no problems finding one for coins like Bitcoin, Ethereum or Litecoin, but if you want to mine the less-known currencies, then you might need to search for a bit until you find a reputable wallet. Getting a secure and reputable wallet is the most important task when you’re starting with cryptocurrency mining. Imagine if you’d be mining for a year and all of your savings would be stolen only because you didn’t pay enough attention while choosing the wallet and picked a fishy one that got hacked into. If you’re serious and are looking for ways on how to mine cryptocurrency, I would suggest buying a hardware wallet – they are the safest and most trustworthy cryptocurrency wallets out there. Well, this is the end of my tutorial on crypto mining. We’ve covered a few different topics and explored the different varieties of cryptocurrency mining methods. Remember – the method that suits you the most will depend solemnly on what you want and what kind of resources you have, so choose carefully! If you do decide on giving mining a chance, I wish you the best of luck!
During the bear market there was a lot of discussion over whether it would be better to buy coin or invest in mining rigs. Here's my anecdotal example on opting for the mining route. I bought only used parts from people exiting the mining game when bitcoin was <$6k. I bought these taking a risk when mining profits were breakeven or slightly negative, but I live up north so they were used to heat the house which made it a bit more palatable at the time. The bulk of the ETH/ETC I mined was converted straight to BTC and currently I have mined almost 1BTC plus some alts I am speculating in. I had been mining on GPUs since 2013 small-scale and found a bunch of deals on kijiji. I was blown away by SMOS and HIVE OS... compared to mining LTC back in the day this is so much easier! Over the past year I've spent about $25k CAD on rigs, and accumulated 145 RX-series GPUs and 8 Vega 56's plus all the other hardware. My favourite deals were buying pre-built rigs. Currently limited by my 100 amp electrical service and running 115GPUs. I'm running 72GPUs on HIVE OS and the rest on SMOS. I haven't used HashR8 yet, but I'm thinking of splitting my farm up to run free rigs on HIVE and HasR8 and the remainder on SMOS to reduce overhead. The mine based on current profitability brings in about $70CAD/day revenue and the power cost is about $1100/month. The 115GPUs running put out about 3075MH. I estimate that these rigs will sell for significantly more than I originally paid if ETH makes another leg higher in the coming weeks. Right now selling my house and looking for upgraded 200 amp electric with 240V. Going to be setting up a secondary farm at my parent's house with the rigs I don't run at home. HIVE OS Settings for 8 x 8GB RX470 Rigs: Core: 947Mhz, Mem: 1750Mhz, Volt: 750mV, Speed: 26MH/s with these settings on an 8 card rig they are below 100W per card. I can't get quite as good performance with SMOS, it doesn't seem to like setting voltage below 800mv. Any tips on how I can reduce my power consumption and overhead costs further? I'm looking to achieve the best hash/watt possible and not chasing absolute performance. My power rate overnight is half the cost of peak rates, any thoughts on turning off the farm for the 6 hours of peak power costs? What should I mine with my Vegas? Since monero forked I haven't turned them on. Bitcoin halves in 64 days! GLTA.
Welcome All to the GPUMining Crash Course! With the increase in prices in cryptocurrency, a lot of people are getting back into mining and a lot of people are brand new to the concept overall. So, I quickly wrote this crash course to help you understand what to expect and how to successfully mine your first cryptocurrency. This crash course isn't gonna have all of the fluff you'd see in a normal publication. This is just everything you need to know to get up and running on your first cryptocurrency mining rig.
What is cryptocurrency mining?
One of the main things about cryptocurrencies is that they are "decentralized". Sounds great, but WTF does that even mean? Well, the easiest way to explain it is... You know how if you want to send your friend/family money digitally, you can do so through your bank. Your bank likely takes a transaction fee and in a few days they will transfer the money. Since cryptocurrencies are decentralized, they don't have a bank or organization to fulfill the transfer of money. Instead, they outsource the computing power of their cryptocurrency network to miners (soon to be you). These miners are verifying transactions, securing the blockchain, and powering the cryptocurrency's specific network among other things. As an incentive, the miners collect transaction fees on the transactions that they verify and collect block rewards while new currency is still being introduced into the ecosystem.
What kind of rig should I build?
You can mine cryptocurrencies using your CPU, GPU, FPGA, or ASIC, but this is a GPU Mining subreddit, so I will cater this to GPUs. For building a great all-around GPU rig, there are two models of GPUs that I'd recommend:
Both of these GPUs have solid hashrates across most mining algorithms and for a decent price! You should be able to find both of these kinds of GPUs used for around $200-$250 each, which is a great price if you know what happened during the last mining craze! ($200 GPUs were out of stock everywhere and people were reselling them for $600+ each) There are also plenty of great AMD GPUs for mining, but I've worked mostly with Nvidia so that's why both of my recommendations are Nvidia and not AMD. Other parts to your rig that you'll need are listed below. Most of these can be pieces of crap and are just needed to make the rig actually run, but the one spot you DON'T want to cheap out on is the power supply unit. A decent power supply unit will keep your home from burning down while also keeping your rigs up and running smoothly. Here are my recommendations:
Motherboard - This Motherboard can hold up to 6 GPUs (considered a full rig) with the use of risers. It is decently priced and will fit nearly any mining rig upgrades that you make in the future.
CPU - You really just need the most basic CPU you can find, it's not very essential to mining unless you're CPU mining, but even then... CPU mining isn't very profitable for how expensive CPUs can be.
RAM - All you really need is about 4GB to keep this thing running. If you want more, go for it, but it's not neccessary in most cases.
Power Switch - Doesn't need to be fancy, just needs to turn the thing on and off
PowerSupply - Don't cheap out here! Pay for a quality PSU and save yourself the headache and be safe with a solid PSU. Get a GOLD quality PSU at a MINIMUM! Platinum is good too, but probably unnecessary. The linked 1300w PSU will support most 6 GPU rigs, if you're going for higher tier GPUs like a 1080ti and above or if you're having more than 6 GPUs on a single rig then you'll need something stronger.
GPU Risers - I use this kind. They work and they're not shitty. They do require 6pin for power. Use a Molex converter if needed, but going 6pin directly from your PSU is best. Your 8+6pin will probably be a little bit short, so you'll need some 6pin extenders. EVGA will sell them you for a few bucks each, but you have to call as they're not listed on the site. DON'T YOU DARE THINK OF USING A SATA CONNECTION UNLESS YOU WANT YOUR ENTIRE MINING OPERATION TO BURN DOWN AND TAKE EVERYTHING ELSE WITH IT! SATA IS NOT RATED FOR THE POWER THAT YOU NEED!!!!
Kilowatt Meter - So that you can monitor your power consumption from the wall (much more accurate than trying to calculate each piece of hardware individually). Also helps when overclocking for a higher efficiency.
120GB Solid State Drive - SSDs are pretty damn cheap now. Just get it instead of your prehistoric HDD. Also, make sure you get AT LEAST 120GB! Many of the popular cryptocurrencies like BEAM and GRIN will demand quite a bit of virtual memory, so you'll need the extra space on your SSD to compensate for that.
Something to put your rig on - This one seems to be popular, but pretty much anything will do. I literally used a shoe rack and zip ties. You just need something that will give the GPUs airflow to breathe and keep the rig organized as a whole.
Windows 10/Linux Operating System - Pretty self explanatory here. Don't go with any of the MAC OS or Apple Products. They're extremely over priced and nearly useless in the mining world.
She's built, now what?
Now you need to do a few things. I am a Windows miner, so I will be speaking to Windows here:
Update Windows - Do all of the updates. Just do it.
Update Drivers - Go to the EVGA website and download GeForce experience. It will keep your GPU drivers up to date.
Go to Windows Device Manager and make sure all of your GPUs show up under "Display Adapters". If it is there, but it isn't showing the Name/Model of the GPU as the name, right click it and select "Update Driver". This should fix it.
Assuming you've done all of this, you're ready to download a mining application.
There are tons to choose from! Claymore, Phoenix, EWBF, LolMiner, etc... It can be overwhelming pretty quickly since they all have different algorithm support, speeds, efficiencies, and a whole lot more. On top of that, in order to get them running you need to set up batch files to call the proper exe, point you to the correct pool, and a whole bunch of other stuff that can be confusing to a new user. Not to mention, you will probably need a separate miner, config file, batch file, etc. for each different algorithm that you're interested in mining on. Instead, I recommend that you download a miner management software that will take care of most of this tedious work for you. There are a few in the sidebar, but the /GPUMining favorite is AIOMiner. It was developed by our very own community member, xixspiderxix with the intention of making mining as easy as possible to do and without any fees. It supports over 100 different algorithms, so you'll be able to mine nearly ANY cryptocurrency you'd like. Just download it from their website and it will take you through a quick tutorial to help you get set up! You can also connect your rig to their website for remote monitoring and control. You've probably seen a few of their posts around this subreddit. Other Windows mining softwares include:
many more you can find from google searching
Note: Many mining softwares have fees built into them. Most are around 1%, but can go as high as 5% or greater! You want a mining software with little or no fees at all so that you get to keep as much cryptocurrency as possible. These fees aren't something you actively pay, the software will automatically take it by mining on the developers behalf for a given amount of time and then switching back to mining on your own behalf. So, please be diligent in the software that you evaluate and make sure it is reputable.
I keep hearing about NiceHash. What is that?
The asshole of the mining industry. Jk, but not really. NiceHash is a software program that allows you to sell your rig's hashing power to someone on their marketplace. They market themselves as profitable mining, but you're not really mining. You're selling your power in exchange for Bitcoin. They did a great job telling people that with them, you're always mining the most profitable coin, but that's just not true. Since it is a mining marketplace, they make you mine whatever their most expensive contract is. If their contracts are below market prices, then you're not operating as efficiently and profitably as you could be. NiceHash also has a sketchy history, which continues to this day. In 2017, they were hacked and lost $65M worth of Bitcoin. No one got paid out for MONTHS and many of their executives conveniently resigned. Their platform is also used to destroy cryptocurrencies. Since people are able to purchase mining power on their platform, people have used their platform to purchase enough mining power to control individual cryptocurrencies and duplicate coins, which increased the malicious user's wealth while completely destroying the integrity of the coin's blockchain. HoriZEN (formerly ZenCash), Ethereum Classic, and many other great cryptocurrencies have been the victim of NiceHash's platform. For this and many other reasons, we highly recommend that you stay AWAY from Nicehash. We understand that it is extremely easy to use and you get paid in bitcoin, but they are destroying the industry with their greed and lack of motivation to change their platform for the protection of cryptocurrencies.
This is pretty much everything you need to know to get started. We covered the hardware, setting up the software, which software to use, and AIOMiner's tutorial will get you up to speed on how to actually mine the cryptocurrency that you want better than I can explain it, so I'll leave that part to them. If you have any questions on this crash course, please leave a comment below where myself and other community members will be able to help you out.
By now, bitcoin is a word that most of the people on this planet have heard before. It has transformed from being an exclusive innovation for a select group of people to sparking true revolutions in developing countries. One of the main factors of bitcoin being so special is the scarcity of the asset. There can only be 21 million bitcoins to ever be mined. The protocol is built in a way that every 210,000 blocks the reward for mining bitcoin is cut in half. In practice, this happens approximately every four years. At this point, the mining rewards sit at 12.5 bitcoin per block that is mined. The upcoming bitcoin halving is expected to occur around the 12th of May this year when the mining reward will be reduced to 6.25 bitcoin per block. What does that mean for the future of bitcoin and how will this affect the price? Let’s look at a few factors and analyze the possible outcomes. Increased scarcity One clear fact is increased scarcity. Right now, there are around 980 bitcoins that are produced every single day. When that number is cut in half, it becomes more unique to own bitcoin as the asset becomes more scarce. This is one of the main reasons people compare bitcoin to gold. Whenever it becomes evident the gold supply is running low and there’s less available in the ground than before, gold becomes more scarce and the interest grows. It’s embedded within human nature to react to scarcity and feel the urge to possess the scarce asset. We’ve seen it happen before with gold and possibly the same will happen with bitcoin. After the bitcoin halving, it will become more difficult to own bitcoin. It will play into the fear of missing out (FOMO), which plays a big role in the cryptocurrency industry. Increase in mining costs Another factor that should not be underestimated is the increase in costs for mining bitcoin. With the current reward for mining, the bitcoin price should be above roughly $4,000 to break even for miners. Anything above that would mean the miners make a profit in comparison to the costs of mining. Note that a mining operation requires large initial investments with hardware, electricity costs, and logistics. When the mining reward is cut in half, it will become more expensive for new and existing miners to achieve profitability. This will incentivize the miners to pump up the price to higher levels in order to make a profit. It’s in everyone’s interest to have enough people mining bitcoin to keep the network stable, so a higher price to keep all the miners on board would be a win-win for anyone. Of course, this does not refer to the individual with a mining rig in their garage box, it concerns the large mining pools that can be seen in the graph above. Those parties that collaboratively control a major part of the bitcoin network. They have enough influence to impact the bitcoin price as well. History repeats There have been two Bitcoin halvings before the one that is just around the corner. History shows that especially in the months gearing up towards the halving, the price is slowly increasing. After that, the price remains stagnant for a couple of months to then grow even further. Right now, we’ve seen prices slowly move up again after the lowest point of around $3,500 last year. What are the experts saying? We can draw a few scenarios that we see happening surrounding the bitcoin halving, but before we do this, we would like to have a look at what the experts are saying. Anthony Pompliano, the co-founder of Morgan Creek Digital and a prominent figure in the industry, shared the following in an interview: “The halving will be a big moment for Bitcoin. I don’t think that the price will shoot up the day after it, but I do think that from the day we are right now, we will see Bitcoin’s price at $100,000 by December 2021.” Another prediction comes from the Winklevoss twins, two prominent figures in the industry that are known for being the founders of Gemini and being the original founders of what we now know as Facebook. “The halvening in May will be big for bitcoin“, Cameron Winklevoss said. “It’s rarely priced in”. They do not call for a specific price to aim for, but they are convinced we are bound for another spike in price with the upcoming halving. To conclude We are no fortune tellers and we do not want to create any illusions here, but the bitcoin halving is an important factor in the crypto sphere as a whole. The entire industry has been discussing it for the past couple of months and will have been doing so for the upcoming months. If the bitcoin halving already had its impact on the bitcoin price is something we can only tell in a couple of months. One thing is for sure: bitcoin will become more scarce. So, if you have the opportunity to do so, now is your time to benefit from the period with the current mining reward. The future is looking bright for bitcoin, are you joining that future?
FREQUENTLY ASKED QUESTIONS ELECTRONEUM’S MODERATED BLOCKCHAIN Q: What is a Moderated Blockchain? A: Electroneum’s new Moderated Blockchain (a type of permissioned blockchain that is at the qualitative level of IBM’s Hyperledger or Facebook’s announced Libra open ledger network) that has been uniquely and cleverly developed to provide Electroneum with a minimal but sufficient level of interference. This will allow the highly skilled engineering staff to supervise the distributed ledger which is maintained by a list of trusted validators. And this allows the tech team to detect anomalies or irregularities that could come from hackers attempting to breach our security, and immediately stop them preventing a double-spend or 51% attack. Because Electroneum controls the list of trusted validators, this empowers them to guarantee, and that is similar to IBM’s hyper ledger or that of Facebook’s Libra blockchain. Q: Why did you move to a Moderated Blockchain? A: To improve the functionality of Electroneum at the exchanges, allowing them to confirm deposit transactions faster and to protect the network from 51% attacks, and also Electroneum can decide to where the block rewards are rerouted ensuring that they are used to help improve the lives of the poorer in underdeveloped countries. Q: What is the role of blockchain in a permissioned network? A: It is essentially an immutable history of financial transactions. Electroneum’s Moderated Blockchain, which is a type of permissioned blockchain, unlike other decentralised cryptocurrency networks, can guarantee a tamper-proof system of transactional records. Q: What motivation would someone have to trade on a permissioned blockchain when their transaction could get rolled back, or worse still, never get confirmed? A: With Electroneum’s new Moderated Blockchain reorganisations can still occur but never will an irregular transaction actually be fully confirmed and then overwritten. Q: Is there any risk of manipulation with a moderated blockchain? A: There is a risk of manipulation if an authenticator key is leaked. However, the extent would be negligible and therefore not affect users, exchanges or miners. We developed a system to closely monitor the behaviour of both the network and miners to ensure any foul play is immediately crushed. Q: How is Electroneum’s Moderated Blockchain different to other decentralised blockchains? A: We have the authority to decide who mines the blocks and therefore, we can increase the likelihood that they are trusted validators. Q: Why doesn’t Electroneum move to a fully centralised blockchain? A: Our unique and cleverly created Moderated Blockchain is meant to have minimal interference to remove the risks and add protection whilst remaining decentralised to the point wherein the unlikely event that a meteor was to wipe out all of the Electroneum staff out of the face of the Earth by a meteor, ETN would not cease to exist. This because those nodes currently mining our blockchain or anybody else for that fact could swap out the codes and fork the network to take over control and guarantee the permanence of the cryptocurrency thus shielding our users from losses. Q: What is Proof of Responsibility or PoR? A: Proof of Responsibility, or PoR for short, is a new mining paradigm which obligates the miners to two primary responsibilities which are: 1) Maintain the integrity of the payment network, and 2) Spend the block rewards they receive responsibly to help poor people in line with Electroneum’s humanitarian agenda. Q: How does PoR compare to PoW or Proof of Work? A: PoR saves a lot of time and energy compared to PoW because instead of working with block validators overtime to prove or not that they’re reliable miners, we save time and potential adverse issues by hand-picking the miners ourselves. SECURITY AND 51% ATTACKS OR DOUBLE SPENDS Q: What is a 51% attack? A: It is when someone takes over 50% control of the hashing power of a cryptocurrency. Hackers usually use this to benefit themselves with double spends, which is a hard loss for the exchanges as well as users in many cases. Q: What IS an example of a 51% attack? A: You may know 51% attacks better from both Bitcoin Cash in 2018 and Ethereum Classic in 2019, where hackers acquired more than 50 percent of the hashing power on those networks and getting away with a significant loot. Q: What is hashing power? A: This is the rate with which the mining rigs solve mathematical problems. Q: Why doesn’t Electroneum require large amounts of hashing power anymore? A: The Electroneum network difficulty automatically adjusts to maintain the target block time of two minutes. Regardless of the magnitude of the hashing power in Electroneum’s network will be kept to a two-minute target block time. Q: Is Electroneum now insusceptible to a 51% attack? A: We’re no longer susceptible to a 51% attack – making us one of the most secure blockchains in existence today. Q: What if someone hack one authenticated miner? A: In the unlikely event that hackers were to succeed in breaching the security of an authenticated miner, the authentication key of that miner would not be accessible to the hacker in itself because of the unique way our blockchain team has come up to shield it from being discovered. The hacker, therefore, would not be able to affect the network because they would be unable to mine sequential blocks. And because of the uniqueness of the Moderated Blockchain, our moderating network layer would immediately detect the breach and rescind the rights of that miner. Q: What if two or more hacks? A: If one hack is highly unlikely due to two security breaches being necessary, two hacks are exponentially harder to achieve. But if it were to happen, the keys they may have stolen limit the hash rate of the miner. This means that if somebody were to take the code and run it on the highest-powered mining machine, it would still produce the same hash rate as it would in the lowest powered mining rig making it impossible for them to control over 50% of the network’s hash rate because of the way our Moderated Blockchain is set up. This also ensures the NGOs can run an Electroneum mining node on hardware with which their tech teams are familiar. Q: How do you judge how responsible the miners are? A: We look at how many blocks they are mining compared to how many blocks they are expected to mine going by the hashing power allotted to them. Q: What happens after a mining node has been shut off? A: Simply, it stops mining and needs to be restarted and then retype or re-enter the authentication key. NEW TRUSTED MINERS Q: Who are the miners? A: We have chosen vocational NGOs as trusted mining partners who are also trustworthy organisations. We have done due diligence to ensure they are transparent, honest, and aligned with our vision to work within the developing world. We have made sure that they also want to accompany us in our goal to expand our Gig Fair project, which is aimed at helping provide people in the poorest regions of the world with an income opportunity and the opportunity to attain skills and means to generate an income that will empower them to live better. The NGOs that we’ve selected are trusted brands that have proven track records in helping people. Cryptocurrency is at its early stages and is met with skepticism by many people and entities around the world as well as in the developing world. So, our mission is to educate these NGOs about cryptocurrency so that they can, in turn, convey the message of the benefits of crypto, particularly ETN, to people in the developing world and make them feel more confident to use crypto, which ultimately will help spur crypto’s mass adoption. Q: Why are these NGOs anonymous (initially)? A: Because they themselves have decided to remain anonymous over concerns of how cryptocurrency could reflect on their organisations. Q: What do NGOs do for the project? A: They validate the blocks and rewarded for this and take the proceeds to help people? Q: Where are the NGO’s and Charities located? A: For now, locations of the NGOs are being kept undisclosed for security reasons until they themselves decide they if they want to make public that information. Q: Five million ETN or about $22,500 at the then valuation was paid out daily before. How much is being paid out now? A: Because the block rewards have been reduced by a whopping 75% creating scarcity which is a good thing to extend longevity, currently just over 1.2 million ETN or about $5,300 is being paid out in block rewards. Q: Can we see who is mining and how much they are mining? A: The block rewards will still be visible on the blockchain explorer and those with sufficient technical knowledge will be able to see the different miners signing blocks with different mining keys. But Electroneum is not forcing the NGOs to reveal their identities because they are still going through a learning curve and when they understand crypto and experience the benefits first-hand, they will more than likely reveal themselves. Q: Where are their mining rigs stored? A: We have suggested that mining rigs be run in the cloud to ensure uptime; however, ultimately, it is up to the NGOs themselves decide where their equipment is hosted. It is essential to point out that we have reduced energy and hash rates by a millionfold as such a standard rack-mounted server that you would find in any business today is sufficient to run an Electroneum mining node. Q: Who setup their mining rigs? A: At this stage, all mining rigs have been set up by the Electroneum team as this is the first foray for NGOs into the cryptocurrency mining space. Q: Who is managing their mining rigs? A: The mining rigs are self-sufficient and need very little if any, technical support, however, a moderator layer monitors the new Moderated Blockchain to ensure the mining rigs are online and benefit the network. If we were to detect a mining rig going offline, we would inform the NGO and provide assistance where required. Q:How will NGOs use their ETN (from mining blocks)? A: The NGOs, initially, almost certainly convert the ETN to USD or other currencies because they have always used fiat to deliver their donations and assistance because that is what they are used to doing. Once they see the benefits and value of ETN they may start using it on the ground to amongst the people they help. We have deliberately targeted NGOs that are in regions that were we are imminent to enable airtime top-ups directly with ETN from within the Electroneum mobile app. FUTURE PROGRESS & CORPORATE PARTNERSHIPS Q: How will this initiative affect corporate partnerships moving forward? A: Because the network is more secure, Electroneum as a platform will be more attractive as a platform in the eyes of potential partners. Q: How will it help to grow our on-the-ground initiatives? A: The NGO’s we’re working with will be in the regions we’re targeting on the ground. So, this will be contributing to the eco-system, the NGO’s will be able to spend their ETN on education through the Gig Economy too. Q: Can new NGOs apply to mine? A: I If you know or are an NGO that focuses on vocational training and education, and that it is within the developing world, then we would love to hear from you via our community forum. Q: How will the 75% reduction in the block reward benefit the community? A: Reducing the block rewards means ETN ‘s expands the longevity of the coin by making ETN scarcer and thus lengthening the duration of the emission of coins.
6 Most Weird Techniques Used For Bitcoin Mining So Far
This news comes from https://www.livebitcoinnews.com Bitcoin continues hitting the news for a variety of reasons. It is the most popular cryptocurrency and with increasing acceptance across industries, more people want to enjoy a piece of the pie.By the end of 2018, the global value of Bitcoin reached 66 billion U.S. dollars. One of the greatest offshoots of Bitcoin’s growth is Bitcoin mining. It is essential for the survival of the cryptocurrency as it deals with creating new bitcoins. It is one of the most popular activities with techies seeking to cash in on the Bitcoin craze. The idea of mining cryptocurrency might sound farfetched, but the investments going into this activity are enormous. Success as a Bitcoin Miner The hardware and software required for Bitcoin mining are expensive and this has seen investors injecting millions of dollars into their projects. Miners require specialized computers and software to get the job done. There’s also the high cost of electricity and bandwidth which makes it difficult for everyone to join the fray. How does Bitcoin mining work? If you want to succeed in Bitcoin mining, you need dedicated processing power, a lot of energy supply, cutting-edge ASIC mining hardware, and a lot of time. In a slow global economy, Bitcoin mining remains a viable income-generating activity. You enjoy insulation from inflation and you don’t have to worry about capital controls. As the interest around Bitcoin continues, it is interesting to note some of the most brazen techniques Bitcoin miners have tried so far. 1.Using the Apollo Guidance Computer (AGC) The creation of the Apollo Guidance Computer (AGC) was solely to guide U.S rockets to the moon. It was one of the earliest computers made and it was huge and slow. With computing power in high demand for Bitcoin mining, a restoration team consisting of Ken Shirriff, Carl Claunch, Marc Verdiell and Mike Stewart tried reviving the AGCA for this task. The AGC team was however disappointed by the results. At a hash rate of 10.3 seconds per Bitcoin hash, the team discovered it would take billions of years to mine a Bitcoin block. 2.Mobile Data Mining With Waste Gas The idea is to install Bitcoin data-mining centers at oil rigs which has a need to vent gas. The data center developers argue that this would generate more revenue than selling fuel. It is also an easier way to reduce carbon print. The Ohmm® mining data center is an alluring proposition and one most miners would pick up. 3.Nuclear Reactors A report on Forbes says Bitcoin miners harnessing power in a nuclear reactor compromised one of these sensitive installations in Ukraine. Nuclear reactors produce excess energy due to their sheer size. Using this exceeds energy on a profitable venture such as mining bitcoins is a great idea but only with a clear framework. 4.Mosque Data Mining Bitcoin miners will go to any lengths to find the energy to power their supercomputers. A mosque is an unlikely palace for such an activity but due to a government subsidy of free electricity, Iranian Bitcoin miners now work from these holy places. A government crackdown has not managed to kill the practice. 5.Cryptojackers While most online hackers want to steal your identity or harm you, crypto-jackers are a different breed. These are hackers interested in the computing power of your network. These computer geeks are so suave that some even hacked the Tesla company cloud and tapped computing power for Bitcoin mining. 6.Leveraging Bitcoin Mining Byproducts Bitcoin mining systems generate a lot of heat and creative miners now use this to do other things. Some innovative miners heat their homes using this byproduct while others use the same for rum making among other tasks.
3. Notable Mining Hardware Companies Bitmain Technologies. The most well-known mining hardware manufacturer around, Bitmain was founded in 2013 in China and today has offices in several countries around the world. The company developed the Antminer, a series of ASIC miners dedicated to mining cryptocurrencies such as Bitcoin, Litecoin, and Dash.. Bitmain is also in charge of two of the largest The right mining hardware is just part of the story. If you're serious about mining Bitcoin or other cryptocurrencies, check out our guide to what you need to know cryptocurrency mining. Bitcoin Mining Hardware Guide The best Bitcoin mining hardware has evolved dramatically since 2009. At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 Build a GPU Mining Rig: Part 1 · Part 2 · Part 3 When we built our first mining rigs we bounced around from site-to-site trying to get everything right. Between the hardware, the software and selecting a mining pool it took a bit more time than we thought it should. What is Bitcoin Mining Hardware. The right bitcoin mining hardware is a necessity if you want to earn during bitcoin mining. Before, miners used a central processing unit (CPU) to mine, but it wasn’t fast enough.. So, miners moved on to using graphical processing unit (GPU) in computer graphics cards as they have data 50 to 100 times faster and consume less power per unit of work.
a tutorial video on the hardware needed to create a mining rig. and some wishful thinking. also remember you dont need to screw down the motherboard inside a case. cases do not ground motherboards ... This video will show you how to build a mining rig. This is my first try at build a mining rig and I am doing this because the price of bit coin has jumped very high and I wanted to try my hand at ... There's many ways to build a Crypto Mining Rig. This is just one of the many ways you can get started mining Cryptos! ... DIY Bitcoin Mining: Hardware (part1) - Duration: 7:45. Fred Yen 1,611,763 ... I'll also be glossing over some of the mining rig hardware you will need to get started building a rig. Once it's built, Ill show what windows 10 settings are best to adjust for mining. In this video I will show you the essential components required to assemble a bitcoin mining rig and how to go about it. ... Assembling / Building a bitcoin (crypto) mining rig with AMD hardware ...